Technology to the aid of Indian real estate scene

Though real estate mostly involves transaction of physical assets, technology is making the process – right up to deal closure – smarter and more efficient. One of the biggest changes has been how people have started sourcing, renting and buying, selling residential properties online in India. The success of JLL India’s online fest in association with Snapdeal was indicative of how big this trend has become. 

Today, real estate consumers have access to on-ground images and information about properties, and in some cases, the selling price in markets across India. The transparency involved in maintaining a sophisticated online presence has raised standards among developers and, in turn, empowered buyers. Until the 1990s, people typically bought their first house towards retirement. Now, people are buying homes in their late 20s, just a few years into their career. 

The consumer base is younger and more tech-savvy than ever before, and expects to be able to shop online for all manner of goods and services – real estate included.  It is not only end users wanting a new home who are heading online; investors are also showing a keen interest. And while home buyers still pay at least one visit to the property before parting with their money, investors are increasingly happy to keep the whole process online. 

Earlier, buying a house was a long and tedious process. Today, the Internet streamlines the house-hunting process and also improves transparency – almost every developer has a website divulging at least some information about available options, including a location map and photos of the current state of construction. 

Tech-enabled workplaces are becoming more common across the globe. This theme is seen in every tenant build-out today, from traditional law firms to new campuses built by companies like Facebook and Apple. The aesthetics and prestige of an office, which were formerly the primary considerations, are beginning to take a back seat to the technology and the connectivity within buildings. With increasing digitisation in India as also improvements in data-capturing techniques, a more granular and timely assessment of real estate markets will be possible in the future.